Home / Knowledge / News / Apparel/Garments / Naked Brand completes $6.159mn private placement financing
Naked Brand completes $6.159mn private placement financing
23
Jun '14
Naked Brand Group Inc. announced the closing of a private placement financing (the "Offering") of units (the "Units") for aggregate gross proceeds of $6,159,482.
 
The funds raised from the sale of the Units will be used for marketing and new product development and design, as well as general working capital requirements. The gross proceeds were raised through the sale of 246 Units at a price of $25,000 per Unit. 
 
Each Unit consisted of (i) a 6% convertible senior secured debenture in the principal amount of $25,000 (the "Convertible Debentures") and (ii) a warrant to purchase 166,667 common shares of the Company at an exercise price of $0.15 per share, subject to adjustment (the "Warrants"). The Convertible Debentures are convertible into common shares at a conversion price of $0.075 per share, subject to adjustment, and mature on June 10, 2017. 
 
Interest of 6% per annum is payable quarterly in cash or in kind at the option of the Company. Each Warrant is exercisable until June 10, 2019 and if, during the 24 months after the closing, the volume weighted average price for the Company's common shares is greater than $0.40 per share for a period of twenty (20) consecutive trading days, then the Company may deliver a notice (the "Notice") to the Warrant holder notifying such holder that the Warrants must be exercised within thirty (30) days from the date of delivery of such Notice, otherwise the Warrants will expire on the thirty-first (31st) day after the date of delivery of the Notice.
 
About Naked Brand Group
Naked is a global lifestyle brand currently offering one of the world's most comfortable and luxurious lines of innerwear and loungewear. The Naked core brand philosophy is to provide apparel that helps people feel sexy and confident while being as comfortable as wearing nothing at all. The brand's goal is to create a new standard for how apparel products worn close to skin fit, feel and function. Key product attributes include seamless construction, lightweight fabrics, memory-stretch, moisture-wicking characteristics, "wearing nothing at all" comfort, and fashion-forward, luxurious design.
 
Naked apparel for men is currently sold at a premium fashion stores in North America, primarily in Canada and on the West Coast of the United States including Holt Renfrew, Hudson Bay Company and Nordstrom, as well as online stores such as Amazon.com, Hisroom.com and Freshpair.com. In the future, Naked plans to launch a women's line to complement its current men's assortment, as well as further expand its product offerings to include activewear and swimwear.
 

Naked Brand

Must ReadView All

Textiles | On 27th Sep 2016

SASEC countries plan greater economic cooperation

The six member countries of the South Asia Sub-regional Economic...

Textiles | On 27th Sep 2016

CBEC unveils draft rules for registration under GST

The Central Board of Excise and Customs (CBEC) has unveiled draft...

Textiles | On 27th Sep 2016

Swedish researchers develop new circular textiles process

A partnership between government owned Fouriertransform and private...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

Ghanshyam Ghoghari
Kimora Fashion

Pinkesh Jain
Everflow Petrofils Ltd

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search